S. 143(3) : Assessment-Cash credits-Cash deposited in the bank-Accommodation entries-No return was filed-Justified in treating the entire deposit as turnover and estimating the net profit at 5 percent-Reassessment was held to be justified. [S. 68 147, 148]

S. 143(2) : Assessment-Notice-Notice was issued after statutory limit-Order null and void ab initio. [S. 69A, 132]

S. 115JB : Book profit-Debenture redemption reserve (DRR), Amount could not be considered as reserve-To be excluded while computing book profit-Capital gains on transfer of assets and investment should be included while computing book profit. [S. 45, Companies Act, 1956, S. 117C]

S. 92C : Transfer pricing-Arm’s length price-Manufacturing and trading of light commercial air-conditioning systems-Methods-Transactional Net Margin Method (TNMM)-Other method-MAM-Rule of consistency was followed-Directed to other method.

S. 92C : Transfer pricing-Arm’s length price-Comparable-Turnover filter-Having small turnover-Cannot be compared with giant companies having huge turnover-Matter remanded.

S. 70 : Set off of loss-One source against income from another source-Same head of income-Long term capital loss-Non-Resident-ownership of shares was transferred-consideration was paid and transaction was complete-Benefit of long-term capital loss set-off cannot be denied. [S. 45]

S. 69A : Unexplained money-Search and Seizure-Jewellery seized-Below limit prescribed by CBDT Circular No 1916, dt. 11-5-1994-Addition was deleted. [S. 132]

S. 68 : Cash credits-Non-Resident-Remittance from abroad-Money brought in India for investment-Addition cannot be made as cash credits. [S. 5]

S. 68 : Cash credits-Share application and share premium-Received earlier year-Addition cannot be made in the current financial year.

S. 68 : Cash credits-Unproved purchases-Reconciliation statement was filed-Custom duties paid-No addition can be made. [S. 143(3)]